Fermented Milk Market to Gather USD 396.87 Billion by 2026 at a CAGR of 5.1% | Yakult Danone India Pvt Ltd, Royal FrieslandCampina N.V
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The fermented milk market size was valued at $264.77 billion in 2018, and is projected to reach $396.87 billion by 2026, growing at a CAGR of 5.1% from 2019 to 2026. North America dominated the market in 2018, accounting for 36.7% of the total market share. The fermented milk market exhibits an incremental revenue opportunity of $132.1 billion from 2019-2026.
Leading Key Players
The global fermented milk market is fragmented with the presence of several market participants across various regions. The strong presence of private label brands gives a tough competition to global players. The key players operating in the global fermented milk industry include Danone, Nestle, Parmalat S.p.A., Yakult, Chobani LLC, Yoplait , Arla Foods, Muller, Britannia Industries Limited, and FrieslandCampina.
The growth in population in developing countries, such as China and India, has increased the demand for yogurt, butter, and cheese to fulfill their food requirement. This increase in population coupled with per capita income has increased the demand for dairy products, further raising the production of milk. The per capita income measures the average income earned per person in a given area (city, region, and country) in a specified year. It is used to measure a country's standard of living by dividing the area's total income by its total population. In emerging countries, per capita income is more compared to developed countries and hence, the consumption of dairy products is eventually higher.
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By distribution channel, it is categorized into specialty stores, supermarket & hypermarket, and online stores. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, France, Netherlands, Germany, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, the United Arab Emirates, and Rest of LAMEA). Countries like Australia, the U.S., and the UK, NORDIC countries, India, China, and ASEAN countries are the largest spenders on dairy products. In addition, factors such as product availability, socio-economic status, per capita expenditure, and consumer purchasing power are responsible for the growth of fermented milk market in these regions.
Based on type, the yogurt segmentcontributed to the largest share in 2018, accounting fornearly half of the total share, and is estimated to maintain its dominant position during the forecast period. However, thesour cream segmentis estimated to portray the highest CAGR of 6.4% during the forecast period.
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Based on region,North Americacontributed the highest share, accounting formore than one-thirdof the total market sharein 2018, and will maintain its dominance throughout the forecast period.However,Asia-Pacificisexpected to grow at the highest CAGR of 7.1% from 2019 to 2026.
Key Findings of the Study
The sour cream segment is expected to grow at a CAGR of 6.4 % during the forecast period.
Asia-Pacific is anticipated to dominate the fermented milk market growth, registering a CAGR of 7.1%.
North America is projected to contribute the highest market share during the forecast period, with around 35% fermented milk market share in 2026, and CAGR of 3.6%.
The online stores distribution segment is anticipated to dominate the fermented milk market, with a CAGR of 2.6% during the forecast period.
The specialty stores segment is estimated to grow at a CAGR of 4.3 % during the forecast period.
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